The US Dollar continues to weaken against ASEAN currencies. The Singapore Dollar and Thai Baht appear the most bullish, followed by the Philippine Peso. USD/IDR remains tilted higher. Get your market update from ddubrovskyFX here:
The Singapore Dollar gained 1.26% against the US Dollar last Friday, the best single-day performance since June 2016. That has leftonce again trying to break under the 1.4107 – 1.4061 former resistance zone. Prices are testing the 100-day Simple Moving Average . It remains in play as key support. Confirming a breakout opens the door to downtrend extension and an increasingly bullish perspective for the Singapore Dollar.The Thai Baht gained an impressive 1.71% against the US Dollar last Friday.
That was the best day for the currency since August 2007! Moreover,/THB has broken under the near-term rising trendline from August, offering an increasingly bullish outlook. Key support is the 36.949 – 36.738 former resistance zone, as well as the 100-day SMA. These could hold, pivoting prices higher. In the event of a turn higher, the August trendline could hold as new resistance.Meanwhile, the US Dollar continued to make progress against the Indonesian Rupiah.
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